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00:02BP reported third quarter underlying replacement cost profit of $8.5 billion on Friday,
00:09nearly quadrupling from $2.2 billion a year earlier and beating analyst expectations of
00:15$6.19 billion, according to CNBC. The results were driven by stronger gas trading and higher
00:22refining margins as global conflicts disrupted fuel supplies. BP's refining margin reached
00:28$46.7 per barrel, while refinery reliability exceeded 96%. Operating cash flow rose to $28.55
00:38billion in the first nine months of the year, while net debt fell to $13.87 billion.
00:45CEO Meg O'Neill said the energy industry is adapting to volatile markets and disrupted trade flows by
00:51running refineries near capacity, rerouting shipments, and drawing on reserves to address
00:57supply shortages. BP is focused on strengthening its balance sheet and setting aside cash for $5.9
01:03billion in remaining Deepwater Horizon settlement obligations. For all things money, visit Benzinga.com.
